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BRICS establish Development Bank to rival IMF and World Bank

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The group of emerging economies signed the long-anticipated document to create the $100 bn BRICS Development Bank and a reserve currency pool worth over another $100 bn. Both will counter the influence of Western-based lending institutions and the dollar. The new bank will provide money for infrastructure and development projects in BRICS countries, and unlike the IMF or World Bank, each nation has... 

Australia jobless rate jumps to 6% in June

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New figures show that Australia’s unemployment rate relapsed to a decade-high of six percent in June. Data released by the Australian Bureau of Statistics (ABS) on Thursday showed a 0.1-percentage-point increase in the unemployment rate in June, matching the highest since July 2003. This is while economists had expected the jobless rate to stay at the revised rate of 5.9 percent in May, up from... 

Canada lost 9400 jobs in June alone, unemployment rising

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Canada’s unemployment rate has edged up to 7.1 percent as government data showed the economy unexpectedly shed thousands of jobs in June. Canada’s jobless rate increased to 7.1 percent from 7.0 percent in May, marking the highest record in six months, Statistics Canada reported on Friday. Economic growth also fell below expectations as the country shed some 9,400 jobs in June. The total number... 

Russia writes off 90% of Cuba's debt

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Russia has written down $32 billion of Cuba’s Soviet era debt. Russian President Vladimir Putin signed the law ahead of his official visit to Latin America, with Havana as his first stop. The agreement was first signed in October 2013 and draws a line under a twenty-year dispute. Cuba is now required to pay back $3.2 billion over the next 10 years. The first payment from Cuba is expected in October,... 

The deteriorating economic outlook

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The third and final estimate (until the annual GDP revisions) of first quarter 2014 real GDP growth released June 25 by the US Bureau of Economic Analysis was a 2.9% contraction in GDP growth, a 5.5 percentage point difference from the January forecast of 2.6% growth. Apparently, the first quarter contraction was dismissed by those speculating in equities as weather related, as stock averages rose... 

Germany Races To Stop US-Backed July Terror Attack

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A chilling new report prepared by the Federal Security Service (FSB) says that Russian intelligence experts were contacted earlier today by Germany’s foreign secret service agency Bundesnachrichtendienst (BND) and warned that the Obama regime is planning a “catastrophic 9/11-type false flag terror attack” to occur on or about 28 July in order to “mask” the pending collapse of the current... 

Australians hold rallies to slam budget cuts

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Australian demonstrators have taken to the streets across the country to protest against the government’s budget cuts. The Sunday protest, dubbed Bust the Budget, saw over 6,000 people show up in Sydney. The ralliers were waving trade union flags and holding budget-protest placards. As many as 30,000 people, including union members, lawyers and nurses, braved the cold weather in Melbourne to... 

Greece faces massive power cuts

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Graffiti is painted on walls and the entrance of an electric station of Public Power Corporation (PPC) in Athens, July 2, 2014. Greece faces massive power cuts as unions have threatened to disrupt the country’s power supply in row over government plans to break up the country’s main electricity provider. Workers of Greece’s Public Power Corporation (PPC) said they would go on strike on... 

1 mn more working Brits plunged into poverty, trade unions outraged

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A million more working Britons have been pushed into poverty because of soaring housing costs and stagnant wages. That’s according to a new UK government report attacked bitterly by unions and rights groups. New figures published by the UK government reveal that the number of working Britons below the poverty line has risen by at least 1 million. The government, however, insists the poverty... 

US economy shrinks 2.9% in first quarter of 2014

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The US economy shrank at a much faster pace in the first quarter of 2014 than previously estimated, marking its worst performances since 2009. The Commerce Department said on Wednesday gross domestic product fell at a 2.9 percent annual rate, instead of the 1.0 percent rate it had reported last month. Most economists had expected the revision to show the economy shrinking at a rate of only 1.7 percent.... 

Inflation Getting Severe in the US, All Prices Going Up

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Have you noticed that prices are going up rapidly? If so, you are certainly not alone. But Federal Reserve chair Janet Yellen, the Obama administration and the mainstream media would have us believe that inflation is completely under control and exactly where it should be. Perhaps if the highly manipulated numbers that they quote us were real, everything would be fine. But of course the way that the... 

The European Union Dream is Over, Now Poverty Reigns High

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Smoke of wood stoves rises over cities of Greece, Spain suffers from youth unemployment, Germany raises retirement age to 76 years, whereas in the heart of London, people gather to protest against austerity measures. Who benefits from multiplying the poor in Europe? Has the tale of good European life been destroyed? “In winter you can heat your house with gasoline-powered radiators, –... 

Japan prepares for robotic revolution, expects massive economic growth

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Japanese Prime Minister Shinzo Abe Japan says it intends to make the necessary preparations to materialize what it calls a robotic revolution and calls robots a massive economic growth factor. On Thursday, Japanese Prime Minister Shinzo Abe said, “We would like to set up a council on making a robotic revolution a reality in order to aid Japan’s growth.” “We want to make robots... 

Putin warns Europe over Ukraine gas conflicts

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Russian President Vladimir Putin has warned of the potential consequences of Russia’s gas dispute with Ukraine for Europe’s energy security. Putin highlighted the issue during a phone conversation with French President Francois Hollande and German Chancellor Angela Merkel on Thursday. “They… discussed the potential consequences for Europe’s energy security and economy of... 

Pope Francis slams 'greedy bankers and market speculators'

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Pope Francis has called on “greedy” bankers to establish a stricter ethics code, and stop getting rich through financial market speculation. He attacked the practice of hedging as ‘intolerable’ equating it to stealing food from the poor. “It is increasingly intolerable that financial markets are shaping the destiny of peoples rather than serving their needs, or that the few derive... 
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